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Splitit share price: what’s the outlook as new CEO is named?

Splitit’s co-founder, Gil Don, today announced that he would be stepping down from the role of CEO; with Brad Paterson, the company’s current Managing Director of North America, set to replace him.

Splitit share price in focus Source: Bloomberg

Management shakeup

Splitit (ASX: SPT) – the Israel-based fintech company today announced that co-founder Gil Don would be stepping down as CEO, with Brad Paterson – who currently serves as Splitit’s Managing Director of North America – set to replace him.

Don Gil will assume the role of General Manager (EMEA) and will remain on the company's board.

Splitit's share price has traded flatly in response to this news: hovering around the A$0.51 to A$0.52 per share mark today.

A new CEO in focus

Impressively, Mr Paterson has more than two decades of executive experience across some of the world’s largest software and payments companies, including VISA, Intuit, and the payments giant PayPal

Speaking of his appointment, Mr Paterson noted that:

'I am thrilled to be stepping into the role of CEO,' adding that 'I look forward to driving significant growth and innovation in the business by working closely with our team, customers and shareholders.'

The company expects these management changes to be finalised on October 1, 2019.

Splitit share price: a global outlook

The appointment of a new CEO caps off an energising period for the young company, with Splitit (ASX: SPT) recently announcing that it had secured a finance facility of up to A$11.6 million from Shaked Partners Fund.

Speaking to how this facility would help the company achieve its growth ambitions, Gil Don previously noted that this represents:

'An important interim financing solution, [in so far that] it will allow Splitit to be nimble and to provide funding where it is needed most, thereby supporting us to grow on a global level.'

The prospect of accelerated growth however has failed to rouse much market optimism.

Since September 11, when the A$11.6 million finance facility was first announced, Splitit (ASX: SPT) has seen its share price drop around 5.4% – from A$0.55 to A$0.52 per share, as of 14:09 AEST.

Even so, this new finance facility, as well as the appointment of a CEO with the kind of stellar credentials such as Mr Paterson, both look to be positive signs for the young company’s outlook.

However, whether or not this will translate into the kind of global growth that the company is chasing, the kind experienced by the likes of Afterpay or Zip for example, remains to be seen.

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